Stifel Nicolaus Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target lowered by research analysts at Stifel Nicolaus from $13.00 to $12.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 105.83% from the stock’s previous close.

A number of other equities research analysts also recently commented on PTEN. Susquehanna decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Thursday, March 27th. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group decreased their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.21.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $5.83 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a 50-day moving average of $7.69 and a two-hundred day moving average of $8.02. The stock has a market cap of $2.25 billion, a P/E ratio of -2.36 and a beta of 1.60. Patterson-UTI Energy has a one year low of $5.12 and a one year high of $11.70.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Victory Capital Management Inc. raised its holdings in shares of Patterson-UTI Energy by 30.2% during the fourth quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock valued at $9,472,000 after acquiring an additional 265,714 shares during the last quarter. Versor Investments LP raised its stake in Patterson-UTI Energy by 53.0% in the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock valued at $1,453,000 after purchasing an additional 60,900 shares during the last quarter. Ieq Capital LLC lifted its holdings in Patterson-UTI Energy by 262.6% in the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after purchasing an additional 31,589 shares in the last quarter. Van ECK Associates Corp boosted its stake in Patterson-UTI Energy by 31.2% during the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after purchasing an additional 1,743,241 shares during the last quarter. Finally, Schroder Investment Management Group acquired a new stake in Patterson-UTI Energy during the 4th quarter worth $511,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.